Starting a new business is both exciting and nerve-racking. Not only are you putting your money on the line, but you’re assuming a whole new type of risk by opening your doors and offering services to the communities at large. While every new business and startup does come with some inherent risk, it’s still important to reduce your risk whenever possible. Nothing helps more than a solid business insurance policy. If you’ve never purchased this type of coverage before, you may not know what policies are necessary. Here are a few of the most important types that are vital to every new business’s success.

Property Insurance

If you operate out of an office or dedicated facility, it’s important to insure that space. The right coverage will reduce your risk for out-of-pocket expenses should the facility be damaged by fire, vandalism, theft, or another accident. Everything inside the building will be covered, from inventory to furnishings and electronics.

General Liability Coverage

General liability insurance is an absolute must. This type of business insurance helps cover the cost of lawsuits and settlements should a client or employee be injured on the premises or as a result of your services. The policy will provide funds for any lawsuits, medical care, or settlements related to the injury up to your coverage limit.

Workers Compensation

If you have employees, you’re legally required to purchase workers compensation coverage. This policy covers the cost of medical treatments as well as a portion of an employee’s wages if they’re injured on the job. Without the coverage, you may be liable for lawsuits from the injured employee or fines from the local government.

Commercial Auto Insurance

If a small business uses company vehicles to provide services throughout the community or even just to take clients to lunch, commercial auto insurance is an absolute must. Most personal auto policies won’t cover the cost of damages if the accident occurred when the vehicle was used for business. Only a commercial auto policy guarantees that anyone driving the vehicle will be covered.

Finding the right business insurance as a new business owner or startup can be tough. Let the experienced agents at Allegheny Insurance Services in Elkins, WV, help you find the right coverage. Whether you’re just starting out or have been in business for several years, their agents will carefully examine your business’s needs and risks to identify the best coverage for your needs and budget. Learn more about their services online and call (304) 636-1680 to schedule a consultation with an agent today